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20110701
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)s, other big costs. jake tapper and jon karl have been tracking it. >> reporter: last night after their prime time addresses to house speaker john boehner was overheard saying he didn't sign up to go mano a mano with the president after the president called for congress to compromise. the president spoke sternly to the american people last night blaming house republicans, especially freshmen, for holding up a debt deal. >> the only reason this balanced approach isn't on its way to becoming law right now is because a significant number of republicans in congress are insisting on a different approach. >> reporter: house speaker john boehner responded that the president wants to continue his rampant spending. >> the president often said we need a balanced approach, which in washington means, we spend more and you pay more. >> reporter: right now there are two competing bills, to raise the debt ceiling and reduce the deficit. a house one that likely cannot pass the senate and a senate one that cannot likely pass the house. both cut more than $1 trillion in spending and do not raise ta
on the outcome. abc's jon karl joins us with the latest. what about it? how close are we finally to a deal? >> reporter: getting close to a deal. the outlines of this deal include up to $3 trillion in spending cuts over the next ten years including some cuts to popular entitlement programs like medicare and social security, also, elizabeth, it would include a promise or a commitment that congress would bring more money in through tax revenues by reforming the code, closing some of those loopholes, something that congress would act on. >> that last one, isn't that basically a tax increase in disguise? >> well, certainly some will call it that. the rates won't go up. congress would have to act over the next year. if they didn't ago, automatic steps would be taken that both sides wouldn't like which would be tax hikes and spending cuts possibly talking about repealing part of the health care bill. >> even if president obama and speaker boehner reach a deal they have their own rank and file to make happy. i was struck by a comment by barbara mikulski. we heard reports of a trillion dollar cut
. abc's jon karl joins us from washington. all talks secret up until now. what more do we know about what president obama and the speaker of the house have been discussing. >> reporter: a big deal here, george. as you mentioned, this would mean that the president would go along with reductions in spending to social security and medicare, most likely cost of living increases going down and in exchange republicans would accept some increase in tax revenues as part of an overhaul of the tax code. as one top administration told me, we need to do something unthinkable on entitlements. they need to do something unthinkable on tacks. >> unthinkable may be the word. these talks have been going on between the president and speaker boehner but there hasn't been a lot of discussion among a wider conferences in the house and the senate democrats and republicans and i guess the big question coming out of today's meeting, when other leaders find out about it, is it something they can work with and is it something that will fly? >> reporter: a great question. boehner and the president may be able t
the latest for us overnight. good morning, jon. >> reporter: good morning, robin. we are reaching crisis time here on capitol hill. the republicans delayed a vote on their bill in the house because they don't even have enough republican votes to pass their own bill. democrats don't have the votes to pass their bill either. the only thing certain up here right now is that everything is in doubt. >> we appreciate you calling. >> reporter: the calls are pouring in. plenty of outrage but like congress itself, the callers seem hopelessly divided. >> i would really like for him to hold the line against any deal in congress. >> i am calling to ask that you cooperate with the president's efforts. >> reporter: the whole place seems to have broken down. republicans can't even convince some of their own members to vote for the republican plan. in a closed door meeting republican leader eric cantor told fellow conservatives to "stop whining and support the bill." acknowledging "the debt limit vote sucks." across the country, that's the view of washington itself. >> no one is certainly listening to the pe
Search Results 0 to 3 of about 4